Pacific Coast Business Times: Pacific Coast Business Times: Montecito couple buys $14.5M Coast Village Road retail center
Santa Barbara, California – Published 4/11/2014, Pacific Coast Business Times
By Marlize van Romburgh, Staff Writer
The Starbucks-anchored retail center at 1046 Coast Village Road in Montecito has been sold to a local couple for $14.5 million.
Montecito residents Deborah and James Longo purchased the 13,800-square-foot property in an off-market deal, according to Radius Commercial Real Estate & Investments.
Along with the coffee shop, the other long-term tenants at the boutique shopping center include Vons Pharmacy, Blenders in the Grass and Sakana Sushi Bar and Japanese restaurant.
The new owners plan to make upgrades to the center, according to Radius. Starbucks recently completed a $350,000 renovation of its space.
Radius brokers Bob Tuler, Gene Deering and Paul Gamberdella represented the Longos in the deal.
“I know retail centers like this don’t come along very often but Bob [Tuler] dug up this opportunity and navigated a very complex deal to secure it for us,” Deborah Longo said in a news release. “This is a first-class property in a tremendous location. I’m excited about enhancing and bringing even more value to the property to make it one of the true gems of Montecito.”
Steve Brown and Austin Herlihy of Radius represented the seller.
“This is truly a prize for Deborah and James. She recently sold a prominent business on the Central Coast and determined market conditions in the Santa Barbara commercial real estate space were too good to pass up,” Tuler said in a statement.
The deal is the largest-ever commercial property sale on Coast Village Road, Radius said. The firm noted that the greater Santa Barbara area has seen a resurgence in large investment deals, with properties such as the 900 State St. building leased by Marshalls selling for $14.3 million. Apartment properties have also been very popular, with inventory of multifamily properties on the market dwindling well below demand.
“Competition is fierce for well-located inventory in Santa Barbara which is quite simply hard to come by right now. Buyers from all across the country, even first time investors like Longo who may not be your traditional commercial investors, all have their eye on Santa Barbara,” Brown said. “You simply can’t ignore the long-term value of commercial property.”
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